Case Brief
What Happened
The Reserve Bank of India has extended the period of its existing All-Inclusive Directions issued to Colour Merchants Co-operative Bank Ltd., Ahmedabad under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directive, dated September 25, 2023, had been valid for six months up to close of business on March 25, 2024. RBI has now extended the directive for a further three months, from close of business on March 25, 2024 to close of business on June 25, 2024, and expressly states that all other terms and conditions remain unchanged.